SHIB Burns Skyrocket 6,750% - Here's What's Happening

Data provided by the public Shibburn tracker shows that there has been substantial progress in removing SHIB meme coins from the circulating supply over the last day.

This surge in burns took place despite the Shiba Inu price showing a substantial decline this week.

SHIB burns up 6,750%

According to the aforesaid data source, over the past day, the SHIB army has succeeded in burning a substantial chunk of meme coins: 27,108,433 SHIB. This lifted the Shiba Inu burn rate 6,750%. That was possible thanks to three burn transfers, and especially the largest of them, which transferred 27,108,433 SHIB.

This was the largest SHIB burn in terms of the destroyed amount of coins this week.

As for weekly burns, they are only twice the size of the above-mentioned daily figures and constitute 58,389,212 SHIB. This means an 81.73% decline. Last week, the weekly SHIB burns comprised six times that – 320,186,507 dog-themed coins, showing a 880.1% increase.

Shibarium shows 1,228.13% surge

The Shibariumscan explorer shows a massive surge in transaction activity. Per this data platform, the daily transaction count spiked from roughly 128,000 on Oct. 21 to a whopping 1.7 million transfers on Oct. 22, showing a staggering 1,228% increase.

The historical data shows that since the middle of September until Oct. 18, the transaction count sat at low values, varying between 6 million, 11 million and 28 million transfers per day.

On Oct. 19, it jumped from 28,110 to 324,590 transfers. That was an impressive rise of 1,055%.

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SHIB market performance

This week has been bearish for the meme cryptocurrency Shiba Inu so far. Since the start of the week, the SHIB price has lost 7.31%, falling from $0.00001923 to the $0.00001782 level, where it is changing hands as of this writing.

Over the past 24 hours, the SHIB decline has constituted 3.81%. This bearish start of the week has also touched on another leading meme coin – DOGE. Since Monday, the original meme cryptocurrency that emerged in the early days of Bitcoin has declined by 6.65%.

Dogecoin is currently showing a reversal Head and Shoulders formation, which may hint that an upward trend for DOGE is coming to an end. The market is currently in a state of uncertainty ahead of the U.S. elections in November.